It would be difficult to examine interest- free alternative fi nancial systems without reviewing the evolution of debt; thus, this book offers a chronological account of the development of interest- bearing debt and contributors offer their take on how the issue of interest has been addressed throughout medieval and modern civilizations. The Evolution of Interest and Debt provides a review of the impact of these interest-bearing debt and practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time and, as such, will shed light on the ongoing problems as well. The authors assert that the development of the concept of interest can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Abrahamic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt, particularly how the stance of major religions has been translated into a basis of support for these transactions. The third and final part offers a chronological account of the development of interest-bearing debt transactions and their disruptive impacts throughout the history of modern economics from the medieval to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. Each period presents its own dynamics and helps analysts better understand the history and roots of interest-bearing debt. While the book is grounded on research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories. An interdisciplinary effort, the book will attract the attention of those who have an interest in fi nance, economics, history, religion and sociology.

This book examines Shanxi piaohao-private financiers from the Chinese hinterland-in the economic and business history of late imperial China, forming the original theory of Chinese hinterland capitalism. Deepening the existing understanding of capitalist dynamics at work in the families and financial institutions of late imperial China, the book foregrounds the expansionist role played by Shanxi piaohao in transforming China's market and trade from an agrarian empire to a modern nation state. In a departure for economic history, it also focuses on the histories of the people and their lifeworlds behind financial institutions, which have previously been erased by universal capitalist narratives. Persistent binary oppositions between coastal areas and hinterland; state and market; and institutions and families are each transcended in recounting the local histories of global capital in the marginalized countryside and borderlands of China. Based on a wealth of archival material and correspondence with Shanxi piaohao offices and branches, Chinese Hinterland Capitalism and Shanxi Piaohao will appeal to students and scholars of Chinese and economic history, anthropology, and postcolonial studies more generally.

Ensuring equity in healthcare is the main concern of health policymakers in order to provide a sustainable health system. This concern is more prominent in developing countries due to the scarcity of resources. This book provides a comprehensive analysis and discussion on the distributive pattern of out-of-pocket pharmaceutical expenditures under the health reforms in Turkey and makes comparisons with pharmerging countries. Turkey's health reforms began in 2003 to address shortcomings related to financial protection and to improve health outcomes and the quality of healthcare services. The primary motivation was to ensure equity in the distribution of health resources, and this transformation process led to profound changes in how these resources were used, and in health financing in general. However, there is a lack of knowledge regarding the long-term effect of health reforms on the distribution patterns of health expenditures and health service use. This book offers a thorough equity analysis of the health financing system, affected by this health transformation program. Index and curve approaches are used in the equity analysis of pharmaceutical expenditures. The book examines the long-term effects of health system regulations on the health spending characteristics of households and improves the current understanding of equity in this context. It includes extensive international comparisons of healthcare services across a range of developing countries and highlights the significance of ensuring equity for emerging economies. The author explores the existing evidence as well as future research directions and provides policy and planning advice for health policymakers to contribute to establishing a more equal health system design. Additionally, the book will be of interest to scholars and professionals in the fields of health economics, public health management and health financing.

This book explains the role of formal labour market institutions in keeping the labour utilisation in Central and Eastern Europe above the level characteristic for Western European states. It provides an innovative and enriching take on labour utilisation at large and how various formal labour market institutions can affect the ongoing trend in labour utilisation in a way that is not covered by the extant literature. The impact of labour market institutions on labour market outcomes is analysed throughout 12 chapters, both from a cross-country perspective and in detailed case-studies, by 21 labour market experts from various CEE countries. Most chapters are based on empirical methods yet are presented in an easy-to-follow way in order to make the book also accessible for a non-scientific audience. The volume explores three key questions: How can labour utilisation be increased by labour market institutions? Which CEE countries managed to create a labour market institutional framework beneficial for labour utilisation? How should the labour market institutions in CEE countries be reformed in order to increase labour utilisation? The book argues that the legacy of transition reforms and a centrally planned past is still relevant in explaining common patterns among CEE countries and concludes that increasing the stock of skills accumulated by the employed and improving utilisation of these skills seems to be the first-best solution to increase labour utilisation. The book will be of interest to post-graduate researchers and academics in the fields of labour economics, regional economics, and macroeconomics as well as scholars interested in adopting an institutional analysis approach. Additionally, due to the broader policy implications of the topic, the book will appeal to policymakers and experts interested in labour economics.

The contributors to this book explore the current situation of North Korea in various aspects and provide policy suggestions for North Korea to become part of the international community and achieve sustainable development. Focusing on three key areas of economic development, namely, international sectors, agriculture and urban development, and energy and environment, this book lays out recommendations and prospects for North Korea. Authors assess the current situation of North Korea, explore preconditions for becoming a member of the international community, and suggest policies necessary for the sustainable development of North Korea. They cover a wide range of areas including reforestation, WTO accession, and the potential for economic integration with South Korea. These evaluations draw on both what is understood about the current situation in North Korea and comparisons with other countries and territories. This book will be a valuable resource for scholars and policy planners who focus on North Korea.

When Poland and Ukraine introduced their political, social and economic system reforms at the beginning of the 1990s, both economies were at a similar level of economic development (GDP $9,500 per capita). However, in 2018, Ukrainian GDP per capita had remained at the same levels since 1991, while in Poland, it had increased significantly, to more than $27,000 per capita. This book assesses the reasons for the growing gap between the level of economic development in Ukraine and Poland. It examines the course of events and evaluates the effectiveness of the system transformations, both in the context of the economy, as a whole, and in individual regions (Polish 'voivodeships' (provinces) and Ukrainian 'oblasts'). It also analyzes the consequences of the 2008-2009 Ukrainian-Russian gas conflict and 2013-2014 Euromaidan events for the Ukrainian economy. Additionally, the authors offer an insight into the migration movements, which have recently been observed in Poland and Ukraine. This is the first comprehensive, comparative analysis concerning the spatial diversification of economic development in these two countries, and the authors highlight the ways in which these reforms have proved effective in Poland and hardly effective in Ukraine. This analysis helps to identify the basic interrelations between the core macroeconomic variables at the regional level and the impact of political events from both a national and regional perspective. The book will appeal to academics, researchers and policy makers interested in the economic and political changes in these two countries, in a comparative setting and on national and regional levels, as well as those working on issues of EU integration.

Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.

Drawing on an impressive range of archival material, this monograph delves into the careers of two businessmen who worked for Nordic chartered monopoly trading companies to illuminate individual entrepreneurship in the context of seventeenth-century long-distance trade. The study spans the Caribbean to the Indian Ocean, examining global entanglements through personal interactions and daily trading activities between Europeans, Asian merchants and African brokers. It makes an important contribution to our understanding of the role of individuals and their networks within the great European trading companies of the early modern period. This unique book will be of interest to advanced students and researchers of economic history, business history, early modern global history and entrepreneurship.

This book provides deep insight into the flow of foreign direct investment from Asia to Europe. It assesses the topic of trade and investment from the reverse direction, considering Asian countries as the capital investors in the EU countries. Each chapter analyses either the international trade or investment of one or more Asian countries in correlation with one or more European states. The book analyses a significant number of countries, which are included in various economic associations, such as the Visegrad Group, the Three Seas Initiative, the European Free Trade Association, or are states from the same geopolitical region - for instance, the Iberian Peninsula, Baltic States, and Nordic countries. It examines Indian outward foreign direct investment trends in the UK before and after Brexit, based on select case studies, to emphasize the impact of Brexit, as well as to encourage trade and investment among Asian and European countries before and during COVID-19, to highlight the influence of the pandemic on the target country's economy. The authors use a variety of analytical methods in the book, such as numerical presentations, econometric analysis, descriptive statistical analysis, an examination of time-series dynamics, the modelling of functions, and semi-structured interviews with company executives. The regional perspectives bring new and useful insights to the topic, and the case study approach allows for a wider exploration of the research questions as well as their theoretical evolution. The book provides a "big picture" for economists, researchers, business analysts, and PhD students of economics, international trade, and business.

The EU's eastern enlargement has coincided with a decade of rapid progress toward closer European integration. Poole argues that this enlargement, more than any previous one, is closely linked with major EU projects of integration, including justice and home affairs, monetary union, a common foreign and security policy, and the effort to create a constitutional treaty. By requiring the eastern states to adopt extensive reforms in their judicial and police systems, the enlargement process makes it easier for the EU to combat terrorism and organized crime and control the flow of immigration from outside Europe. The monetary union was deliberately put in place before enlargement (which might have made the task more difficult), but now the Stability and Growth Pact requires reform to make it flexible enough to serve a larger, more diverse Union. The addition of ten new states provides one of the main incentives for drafting a constitutional treaty. Finally, the candidate countries are helping to lay the groundwork for the next EU enlargement into southeastern Europe. As the first college text to explore the impact of the eastern enlargement on European integration, this book can be used effectively in comparative government, economics, European history, and international relations courses.

This succinct survey includes the most important economic policy issues facing European governments and business as they strive to restore growth to the region's flagging economy. Although written mostly in a non technical style, the book contains some of the sharpest analysis available of the economic problems currently facing Europe's policy makers and is essential reading for academic or professional readers interested in European economic development.

The book examines the effect of labour markets on economic performance in an international perspective; Europe, Japan and the US. Labour markets are an important determinant of the performance of both national economies and individual firms, as well as employment rewards such as wages and satisfaction levels. Many countries in Europe suffer from a high level of unemployment. The US economy suffers from low real income growth and widening wage dispersions. The level of worker satisfaction in Japan is relatively low despite her relatively better economic performance. The purpose of this book is to investigate these issues, and to provide readers with explanations of these phenomena and the differences in the performance of labour markets in Europe, Japan and the US. The book includes both theoretical and empirical studies of various countries undertaken by leading labour and macro economists, and presents several policy suggestions.

Trade and capital are important in the Asia region. Trade in the APEC region has been increasing, but the large rise in China's exports has also been disturbing as it exhibits export substitution. The first two papers conclude that every economy has gained in trade, though some are more successful than others. And that rise in export has a lot to do with a rise in foreign direct investments. Macroeconomic stability is the pre-condition to growth. Empirical studies show that the lack of stability has encouraged capital to flee an economy. Similarly, a market-oriented, price-driven and matured financial market provides an alternative source of funding. The lesson in economic development is that success in economic growth requires both an externally friendly market environment as well as consistent and favourable internal policies.

This book is a one-stop reference for practitioners and academics in finance, business and economics, providing a holistic reference to the international agriculture business. It takes a multidisciplinary approach, looking at the issues, opportunities and investable themes in the global agricultural space, combining research and practical tools.

Since the 1970s, neoliberalism has evolved from ideology to political programme, from political programme to public policy, and from public policy to constitutional rule. This process of change has been made possible through the endorsement of an uncritical, a-historical, and apolitical economic theory that legitimized technocratic despotism, financial deregulation, precarious labour, and constitutional-political emptying. This book examines critical perspectives in mainstream neoliberal development analysis. It examines the neoliberal experiment as a global historical construct through the cases of Africa, Latin America, and Europe. The analysis begins in 1980 with the Structural Adjustment Plans in Latin America and Africa, followed in 1990 by Maastricht in the case of Europe and the euphoric shift that took place, typified by the "Africa Rising" narrative, which attempts to promote the idea of an economically emerging continent. It also considers the weakness of the state resulting from neo-liberal austerity and fiscal stabilization policies, which have amplified the inability to collectively deal with the social, economic, and political impact of the COVID-19 crisis. One of the key features of the book is the extensive comparative analysis between regions, using case studies, including examples from African countries. The authors connect the different regional perspectives, included in the book, in a clear and coherent way, such that it will appeal to students and scholars interested in the social, economic, and political outcomes of globalization and will also be of interest to official development agencies and third sector organizations in Latin America, Sub-Saharan Africa and Europe.

The China Pakistan Economic Corridor (CPEC) is a flagship program of China's 'One Belt One Road' initiative, created to boost economic cooperation between China and Pakistan with significant political and economic implications in the region. This book looks at critical issues when developing capabilities of cross-cultural management, adaptation and adjustment through cross-cultural understanding and network building from the CPEC case study. The book highlights the importance of acculturation experience, cross-cultural networking, networking behaviour (guanxi vs. hawala), and factors influencing cross-cultural adjustment, which would enhance the overall performance of 'One Belt One Road' projects in general. It looks at how the Chinese and Pakistani employees' national cultures affect their behaviour while working on the CPEC projects. The book offers insights into what cross-cultural adjustments are effective in creating improved individual and organizational performance. In an increasingly globalized world in which the practice of working with people from multiple cultural background is more of a norm, this book will be a useful reference for those who are interested to achieve success in multi-cultural settings.

Discover why Carbaugh's best-selling INTERNATIONAL ECONOMICS, 18E is a favorite among students of all backgrounds for its clear, concise presentation of international trade and finance theory. This edition uses the latest examples from around the world as well as updated, practical applications to vividly demonstrate the relevance of the theory you are learning. You see how the concepts you are mastering apply to today's economic issues and global policy questions as you examine the economic impact of events such as Brexit, China's forced technology transfer, China's Belt Road initiative, the U.S.-Mexico-Canada agreement and the global pandemic. Written and visually driven discussions make content understandable even if you have little economics background. This edition is organized around five themes that emphasize global economics and trade issues. This streamlined presentation is clear, concise and contemporary with award-winning author Dr. Carbaugh.

This book provides a comprehensive analysis of both national and regional trade facilitation capacities, issues, challenges and lessons, with a special interest in sustainably advancing West Africa's regional trade facilitation agenda. It examines the contributions of trade facilitation towards enhancing regional integration and economic expansion in the face of increasing non-tariff barriers that highly characterises West African agri-food and non-agricultural markets. The authors recommend new conceptual frameworks, appropriate initiatives, and workable policy recipes towards enhancing West Africa's trade facilitation agenda as well as the regional economic transformation trajectory in the face of the ongoing African Continental Free Trade Agreements (AfCFTA). The book underscores the geopolitics, opportunities and challenges that confront West Africa in the increasingly dynamic regional trade facilitation policy space. Readers will learn how West Africa can improve its regional trade facilitation game amidst emerging capacity challenges.

This engaging and accessible book is a must-read for every economics student. It explores what the global economy is, how it developed and how it operates today, and why certain aspects of it have become controversial. The global economy represents the combined economic output of all countries on Earth and is currently estimated at around $80 trillion. While globalization has made it possible for greater economic interaction between nations and rapid growth on a worldwide scale, many have argued that it has also helped to widen the gap between the richest and poorest nations. The movement of goods and services between countries also has major impacts on national politics and international diplomacy, as well as significant implications for human rights and welfare. Part of Greenwood's new Student Guides to Business and Economics series, The Global Economy gives readers an in-depth yet reader-friendly look at one of the most important aspects of modern economics. Using simple language and relevant real-world examples, this book is appropriate for high school and undergraduate economics students as well as general-interest readers curious to learn more about the global economy. Provides a concise and easy-to-read overview of a broad and foundational topic in modern economics Helps readers better understand the complex relationship between national and international economies Includes a Questions for Further Discussion section, designed to stimulate classroom discussion and encourage critical thinking Offers an at-a-glance chronology of events related to the history of the global economy, allowing readers to trace the evolution of concepts and practices over time

The tropics is an area of enormous opportunity and potential. The countries situated between the Tropics of Cancer and Capricorn are largely developing in nature. There is huge interest in the types of business investments made in Southeast Asia, Central Africa, and the Amazonian tropical belts. These tropical regions continue to face opportunities and challenges in attracting foreign direct investments as well as the need to complement and/or compete with larger economies external to the tropics. This book provides an empirical assessment of the key sociocultural, economic, environmental, and political factors that influence the business dynamics of organizations operating within the tropics. It will address but is not limited to topics such as attracting businesses to the tropics, facilitating smooth, stable conditions for business operations and sustainability, national institutions, and regulations that shape the way business is done, and the increasing deployment of new technologies and entrepreneurial innovations which are defining the global tropics as a distinct business region. It will offer readers a key focus for developing a deeper understanding of the factors and frameworks that influence and shape business activity in the area. While the primary audience for the book consists of academics and students from the fields of economics (environmental economics, developmental economics), business, international trade, tourism, and area studies, it will also provide a practical resource for government policy analysts wanting to fully appreciate some of the key economic and business issues facing the region.

According to the European Commission, two recent policies: the Digital Service Act and the Digital Market Act will allow for the regulation of a significant part of the EU Digital Single Market (DSM), to an extent similar to the creation of the traditional internal market in the early 1990s. The provisions are intended to improve conditions in the EU DSM to ensure that the market is as free and fair as it is safe for users of the digital economy. This interdisciplinary book analyses the impact of digital technologies on specific markets and, more broadly, the society and the economy. It identifies and assesses the different features, challenges, trends and dimensions of the EU DSM, from a legal and economic viewpoint, and also from a Polish perspective. Poland is presented as one of the EU countries participating in the creation of the EU DSM and is analysed alongside the average, as well as the best and the worst performing EU member states and compared with other non-EU members. The book addresses several broad areas in which the implications of digitalisation are particularly visible, and which are important to the "average" person: giant online platforms, freedom of speech, e-commerce, digital levy, energy infrastructure, and the labour market. The authors have presented opportunities and threats related to the functioning of the digital market. These opportunities and threats are typical of highly developed countries while reflecting the specific features of the EU DSM. The starting point of the considerations are the diverse experiences of the EU member states. The book adds a voice to the public debate on the role of the digital economy in the contemporary world and will be a useful guide for students and researchers in economics, law, and international relations. Chapters 1 and 2 of this book are available for free in PDF format as Open Access from the individual product page at ww.routledge.com . They have been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

This book provides a study on the impact of Brexit on international competitiveness and in doing so, presents a theoretical account of regional disintegration. In recent decades, the theory of regional economic integration has expanded following growing integration processes taking place not only in Europe, but in other continents too. The result of the EU Referendum in the United Kingdom on 23 June 2016 revealed that regional integration does not have to be a one-way process as was perceived for many years. Despite well-developed models of economic integration within economic theory, there still lacks an analytical explanation of the mechanics of disintegration. For many years, integration was commonly perceived as a beneficial process, and while disintegration is not desirable, this led to normative bias in the research on regional integration. This book, therefore, makes an important contribution to theoretical and empirical developments of regional economic disintegration.

Get the latest on rapidly evolving global electricity markets direct from the scholars and thought leaders who are shaping reform. In this volume, dozens of world-class experts from diverse regions provide a comprehensive assessment of the relevant issues in today s electricity markets.

Amid a seething backdrop of rising energy prices, concerns about environmental degradation, and the introduction of distributed sources and smart grids, increasingly stringent demands are being placed on the electric power sector to provide a more reliable, efficient delivery infrastructure, and more rational, cost-reflective prices. This book maps out the electric industry s new paradigms, challenges and approaches, providing invaluable global perspective on this host of new and pressing issues being investigated by research institutions worldwide. Companies engaged in the power sector s extensive value chain including utilities, generation, transmission & distribution companies, retailers, suppliers, regulators, market designers, and the investment & financial rating community will benefit from gaining a more nuanced understanding of the impacts of key market design and restructuring choices. How can problems be avoided? Why do some restructured markets appear to function better than others? Which technological implementations represent the best investments? Which regulatory mechanisms will best support these new technologies? What lessons can be learned from experiences in Norway, Australia, Texas, or the U.K.? These questions and many more are undertaken by the brightest minds in the industry in this one comprehensive, cutting-edge resource.
Features a unique global perspective from more than 40 recognized experts and scholars around the world, offering opportunities to compare and contrast a wide range of market structuresAnalyzes how the implementation of existing and developing market designs impacts real-world issues such as pricing and reliabilityExplains the latest thinking on timely issues such as current market reform proposals, restructuring, liberalization, privatization, capacity and energy markets, distributed and renewable energy integration, competitive generation and retail markets, and disaggregated vs. vertically integrated systems"